Antsy Lithuania Prepares for EU Crypto Law by Enacting its Own
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The EU is Currently Negotiating MiCA
The unified authorization framework for the EU's 27 member states has been years in the making. It can change the industry by allowing enterprises to tap into a market of hundreds of millions of people. On the other hand, some governments are eager to get their hands on a piece of the booming market. In March 2018, the European Commission, the EU's governing body, sought advice on how existing legislation applies to cryptocurrency. Since then, crypto use has exploded, and entire projects like the Facebook-backed Libra, which was later renamed Diem, have come and gone.
Even after politicians work out the kinks in the law, such as how to address Libra-like stablecoins, non-fungible tokens, and decentralized finance, MiCA will go into force after a two-year transition period.